2025年10月28日，天岳先进(688234.SH)发布2025年第三季报。截至2025年10月27日，共有13个机构投 资者披露持有天岳先进A股股份，合计持股量达1.41亿股，占天岳先进总股本的29.11%。其中，前十大 机构投资者包括中建材私募基金管理(北京)有限公司-国材股权投资基金(济南)合伙企业(有限合伙)、哈 勃科技创业投资有限公司、海通新能源私募股权投资管理有限公司-辽宁中德产业股权投资基金合伙企 业(有限合伙)、上海麦明企业管理中心(有限合伙)、上海铸傲企业管理中心(有限合伙)、辽宁海通新能源 低碳产业股权投资基金有限公司、中国工商银行股份有限公司-易方达上证科创板50成份交易型开放式 指数证券投资基金、招商银行股份有限公司-华夏上证科创板50成份交易型开放式指数证券投资基金、 建信中小盘先锋股票A、招商安瑞进取债券A，前十大机构投资者合计持股比例达29.08%。相较于上一 季度，前十大机构持股比例合计下跌了8.08个百分点。 公募基金方面本期较上一季度持股减少的公募基金共计3个，包括华夏上证科创板50成份ETF、易方达 上证科创板50ETF、建信中小盘先锋股票A，持股减少占比达0.94%。 ...

Core Insights - Tianyue Advanced experienced a slight increase of 0.14% in stock price on October 27, with a trading volume of 662 million yuan [1] - The company reported a significant decrease in revenue and net profit for the first nine months of 2025 compared to the previous year [2] Group 1: Financial Performance - As of September 30, 2025, Tianyue Advanced achieved a revenue of 1.112 billion yuan, representing a year-on-year decrease of 13.21% [2] - The net profit attributable to shareholders for the same period was 1.1199 million yuan, showing a drastic decline of 99.22% year-on-year [2] Group 2: Shareholder and Market Activity - The number of shareholders increased to 29,600, up by 73.90% from the previous period, while the average number of circulating shares per person decreased by 17.70% to 14,537 shares [2] - On October 27, the financing buy-in amount was 123 million yuan, with a net financing buy of 36.8958 million yuan, indicating strong market interest [1] - The total balance of margin trading for Tianyue Advanced reached 1.064 billion yuan, which is at a high level compared to the past year [1]

Core Viewpoint - The company announced a provision for asset impairment totaling 23.8792 million yuan for the first three quarters of 2025, reflecting a cautious approach to financial reporting and compliance with accounting standards [9][10][11]. Financial Data Summary - The company reported a total of 2,387.92 million yuan in credit impairment losses and asset impairment losses for the first three quarters of 2025 [9]. - The breakdown of the impairment includes 343.71 million yuan in credit impairment losses and 2,044.21 million yuan in asset impairment losses [10]. Compliance and Assurance - The board of directors and senior management confirmed the accuracy and completeness of the quarterly report, taking legal responsibility for any misrepresentation or omissions [2][8]. - The asset impairment provision is in accordance with the relevant accounting standards and reflects the company's financial condition as of September 30, 2025 [11].

智通财经APP讯，天岳先进(02631)发布前三季度业绩，实现营业收入11.12亿元;归属于上市公司股东的 净利润为111.99万元。 ...

前三季度营收约为11.12亿元，同比减少13.21%。净利润约为112万元，同比减少99.22%。 格隆汇10月27日丨天岳先进(02631.HK)公布2025年第三季度报告。营业收入约为人民币3.18亿元，同比 减少13.76%。净亏损约为976万元，同比增加123.72%。基本每股收益为-0.03元。 ...

Core Viewpoint - Tianyue Advanced (688234) reported a significant decline in revenue and net profit for the first three quarters of 2025, primarily due to strategic price reductions and external factors such as foreign exchange fluctuations [1][2][4] Financial Performance - The company achieved a total revenue of 1.112 billion yuan, a year-on-year decrease of 13.21% [1] - The net profit attributable to shareholders was 1.1199 million yuan, down 99.22% year-on-year [1] Strategic Initiatives - The company implemented a strategic price reduction for certain products to enhance market share amid international competition, which contributed to revenue and gross margin contraction [1] - Research and development (R&D) investment reached 123 million yuan, a year-on-year increase of 29.75%, with R&D expenses accounting for 11.09% of revenue, up 3.67 percentage points from the previous year [2] R&D Focus - R&D efforts are concentrated on two main areas: large-size substrate technology and emerging applications, including collaboration with global leaders in the consumer electronics sector for AR glasses [2][3] - The company has developed a product matrix for 6/8/12-inch silicon carbide substrates, supporting the industry's transition to larger sizes [2] Market Position and Recognition - The company maintained a gross margin of 23.56% despite price reductions, reflecting its strong industry position and technological advantages [2] - Recent accolades include the Semiconductor Annual Award for "Semiconductor Electronic Materials" in Japan and recognition from Bosch Group as a "Global Supplier Award 2025," validating its technological strength and industry status [3] Long-term Outlook - The company has a robust cash reserve of 3.377 billion yuan, a year-on-year increase of 172.56%, supporting ongoing technological leadership and capacity expansion [3] - The market potential for silicon carbide materials is highlighted in sectors such as AI servers, electric vehicles, and AR glasses, with strategic partnerships and customer orders reinforcing its long-term growth prospects [3][4]

| A | 股证券代码：688234 | 证券简称：天岳先进 | 公告编号：2025-072 | | --- | --- | --- | --- | | 港股证券代码：02631 | | 证券简称：天岳先进 | | 山东天岳先进科技股份有限公司 关于 2025 年前三季度计提资产减值准备的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 根据《企业会计准则》以及山东天岳先进科技股份有限公司（以下简称"公 司"）的会计政策、会计估计的相关规定，为了真实、准确地反映公司截至 2025 年 9 月 30 日的财务状况，本着谨慎性原则，公司对截至 2025 年 9 月 30 日公司 及下属子公司的资产进行了减值测试，对可能发生资产减值损失的相关资产计提 减值准备，现将有关事项公告如下： 一、计提资产减值准备情况概述 2025 年前三季度，公司计提各类信用减值损失及资产减值损失总额为 2,387.92 万元，具体情况如下： 单位：万元 | 序号 | | 项目 | 本次计提金额 | 计提原因 | | --- | --- | --- ...

每经AI快讯，天岳先进（SH 688234，收盘价：73.86元）10月27日晚间发布三季度业绩公告称，2025年 前三季度营收约11.12亿元，同比减少13.21%；归属于上市公司股东的净利润约112万元，同比减少 99.22%。 截至发稿，天岳先进市值为358亿元。 每经头条（nbdtoutiao）——独家丨民营船王入主杉杉集团横生枝节 重整联合体浮现神秘组局人 （记者 王晓波） ...

Financial Performance - The company's operating revenue for the third quarter was ¥318,200,911.07, a decrease of 13.76% compared to the same period last year[3] - The total profit for the third quarter was -¥2,824,236.36, reflecting a decline of 106.92% year-on-year[3] - The net profit attributable to shareholders was -¥9,760,277.60, down 123.72% compared to the previous year[3] - The basic earnings per share for the quarter was -¥0.03, a decrease of 130.00% year-on-year[3] - The diluted earnings per share for the quarter was also -¥0.03, reflecting a 130.00% decline compared to the previous year[10] - Total operating revenue for the first three quarters of 2025 was ¥1,112,006,114.02, a decrease of 13.2% compared to ¥1,281,219,949.92 in the same period of 2024[20] - Net profit for the first three quarters of 2025 was ¥1,119,900.90, a significant decline from ¥143,032,051.19 in the previous year[21] Research and Development - Research and development expenses totaled ¥47,462,015.95 for the quarter, representing 14.92% of operating revenue, an increase of 4.40 percentage points year-on-year[4] - Research and development expenses rose to ¥123,308,691.85, an increase of 29.8% compared to ¥95,034,934.76 in the same period last year[20] Assets and Equity - Total assets at the end of the reporting period reached ¥9,720,605,667.63, a 32.13% increase from the end of the previous year[4] - Shareholders' equity attributable to the company was ¥7,398,335,601.03, up 39.25% compared to the previous year[4] - The company reported a total asset value of ¥9,720,605,667.63, up from ¥7,356,705,041.15 year-over-year[17] - The company's equity attributable to shareholders reached ¥7,398,335,601.03, up from ¥5,312,981,765.12 year-over-year[17] Liabilities and Financial Expenses - Total liabilities increased to ¥2,322,270,066.60, compared to ¥2,043,723,276.03 in the previous year[17] - The company recorded a financial expense of ¥15,980,572.42, compared to a financial income of -¥8,282,090.46 in the same period last year[20] Cash Flow and Investments - The company's cash and cash equivalents amount to ¥3,377,524,417.12 as of September 30, 2025, compared to ¥1,239,198,322.57 at the end of 2024[15] - In the first three quarters of 2025, the cash inflow from operating activities was CNY 1,269,098,589.36, a decrease of 7.8% compared to CNY 1,376,638,710.24 in the same period of 2024[24] - The net cash flow from operating activities was CNY 70,356,833.36, a significant improvement from a net outflow of CNY 52,201,248.91 in the first three quarters of 2024[25] - The cash inflow from financing activities totaled CNY 3,123,844,974.01, compared to CNY 500,000,000.00 in the same period of 2024, indicating a substantial increase[25] - The total cash and cash equivalents at the end of the period reached CNY 3,271,807,588.95, compared to CNY 928,792,788.80 at the end of the same period in 2024[25] - The cash outflow from investment activities was CNY 436,234,997.90, a decrease from CNY 503,523,586.12 in the first three quarters of 2024[25] - The net cash flow from investment activities was -CNY 434,734,997.90, worsening from -CNY 225,335,177.82 in the same period of 2024[25] Shareholder Information - Total number of common shareholders at the end of the reporting period is 29,575[12] - The largest shareholder, Zong Yanmin, holds 129,302,726 shares, representing 26.68% of total shares[13] - HKSCC NOMINEES LIMITED holds 54,906,000 shares, accounting for 11.33% of total shares[13] - The company has a total of 29,559 A-share shareholders and 16 H-share shareholders as of the reporting period[13] - The top ten shareholders hold a significant portion of the company's equity, with the top three alone accounting for over 45%[12] - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending[15] - There are no known related party transactions or concerted actions among the major shareholders[13] Government Subsidies - The company received government subsidies amounting to ¥9,517,954.58 during the reporting period, which positively impacted its financial performance[6] Tax and Other Comprehensive Income - The company’s tax expenses for the first three quarters of 2025 were ¥3,655,466.84, compared to ¥722,143.66 in the previous year[21] - Other comprehensive income after tax amounted to ¥1,396,941.47, compared to ¥441,676.60 in the same period last year[21] Miscellaneous - The company experienced a significant increase in sales expenses due to new product customer testing and sample submissions, contributing to the overall decline in profitability[9] - The company did not apply new accounting standards for the first time in 2025[26]

Core Insights - The semiconductor sector is experiencing a strong upward trend, with the Shanghai Stock Exchange Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index (950125) rising by 4.57% as of October 24, 2025 [1] - Key stocks such as ShenGong Co., Ltd. (688233) and Zhongju Semiconductor (688549) saw significant increases of 13.82% and 12.96%, respectively [1] - The Ministry of Science and Technology emphasized the ongoing development of artificial intelligence (AI) and high-performance computing chips, which is expected to drive demand for computing power and storage chips [1] Industry Summary - The Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index includes companies involved in semiconductor materials and equipment, reflecting the overall performance of these listed companies [1] - The top ten weighted stocks in the index account for 74.36% of the total index, indicating a concentrated market structure [2] - The anticipated growth in AI investments by domestic internet companies is expected to contribute to an upward cycle in the storage chip industry [1]